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Value stocks in particular exhibit pretty strong positive skew.
Translation: bad news causes small dips but good news causes big rises.

Logically, this should be true, but on a case by case basis, not so much. For instance: Western Union with a trailing P/E of 9.5 at $19 a share disappointed the market and the stock plunged to a low of $11.90 in short order — a 37% haircut.

I'm inclined to think that Apple, in spite of it's low valuation based on recent earnings, is more vulnerable than most "value stocks" to a sharp stock price contraction if earnings and margins disappoint.

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